Overview
- Visa has proposed a $100 million upfront payment to Apple in an effort to replace Mastercard as the Apple Card's payment network.
- American Express is seeking to become both the issuer and payment network for the Apple Card, while Mastercard is working to retain its current position.
- Apple plans to select a new payment network before choosing a replacement for Goldman Sachs as the card's issuing bank.
- Goldman Sachs is exiting its Apple Card partnership due to financial losses and customer service issues, with JPMorgan Chase and Synchrony Financial in talks to take over as issuer.
- The Apple Card has 12 million U.S. users and $20 billion in balances, making the partnership a significant opportunity for the payments industry.